E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero bal- ance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollect- ible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022.

E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero bal- ance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollect- ible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions A. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable.
On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Pina Co. estimated that 3% of its net accounts receivable of $435,200 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Pina Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,176. On June 12, 2022, Shoemaker paid the amount previously written off.1. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,293, Pharoah Company estimates that 8% of its accounts receivable balance of $88,900 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Pharoah Company determined that B. Jared’s account was uncollectible and wrote off $1,166. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
On December 31, 2020, Novak Corp. estimated that 4% of its net accounts receivable of $414,400 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment on December 31, 2020. On May 11, 2021, Novak Corp. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,072. On June 12, 2021, Shoemaker paid the amount previously written off.Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date Dec. 31, 2020/ May 11, 2021/ June 12, 2020/ June 12, 2021 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount…
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,371, Tamarisk, Inc. estimates that 8% of its accounts receivable balance of $77,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Tamarisk, Inc. determined that B. Jared’s account was uncollectible and wrote off $1,135. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount…
Designers Guild had a 1/1/21 balance in the Allowance for Doubtful Accounts of P12,000. During 2021, it wrote off P8,000 of accounts and collected P3,500 on accounts previously written off. The balance in Accounts Receivable was P220,000 at 1/1 and P260,000 at 12/31. At 12/31/21, Designers Guild estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2021?
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,366, Shamrock, Inc. estimates that 9% of its accounts receivable balance of $107,900 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Shamrock, Inc. determined that B. Jared’s account was uncollectible and wrote off $1,212. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount…
On December 31, 2019, Cha Corporation had accounts receivable of P6,000,000, net of the related allowance for doubtful accounts. During 2019, Cha Corporation recorded charges to bad debt expense of P900,000 and wrote off P200,000 of uncollectible accounts receivable. On December 31, 2019, how much should be reported as accounts receivable before the allowance for doubtful accounts?
On December 31, 2021, Larry's Used Cars had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $69,000 and $1,025, respectively. During 2022, Larry's wrote off $1,850 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $5,100 at December 31, 2022. Bad debt expense for 2022 would be: